Every condo saves for the big repairs that come every 15 to 40 years: roofs, windows, elevators, the garage membrane, the boiler. That savings account is the reserve fund. When it falls short, owners pay the difference, either through higher fees or a one-time special assessment. A survey by the Condominium Authority of Ontario found that 16% of responding corporations issued a special assessment between 2018 and 2023. Rules were checked on October 29, 2026.
Ontario
The reserve fund pays only for major repair and replacement of the common elements and assets. A reserve fund study, by a qualified professional, is required within the first year and renewed every 3 years, alternating comprehensive or site-inspection studies with updates. Within 120 days of a study, the board proposes a funding plan and sends owners a notice summarizing it. Until the first plan is in place, contributions must be at least 10% of the budget; after that, what the study shows is sufficient. The board sets common expenses, including any special assessment, without an owner vote, and unpaid amounts give the corporation a lien on the unit. Source: Condominium Act, 1998, ss. 93 to 95, and Condominium Authority of Ontario.
British Columbia
The contingency reserve fund needs a depreciation report at least every 5 years; since July 1, 2024 owners can no longer vote to skip it, and only buildings with fewer than five strata lots are exempt. The yearly contribution must be at least 10% of the operating fund contribution. Spending from the fund on work recommended in the depreciation report needs a majority vote, but a special levy needs a 3/4 vote of owners (or a unanimous vote for an unusual split). When a lot is sold, the seller owes levy instalments due before the conveyance date and the buyer owes those due on or after it, unless they agree otherwise. Source: Strata Property Act, ss. 94 to 109, and the Government of BC.
Quebec
The fonds de prévoyance must be based on a contingency fund study, renewed at least every 5 years and covering the next 25 years, together with a maintenance log. The regulation took effect August 14, 2025, and existing syndicates have three years to get their first study. Until the board sets contributions from that study, they must be at least 5% of common expenses, and a shortfall the study reveals must be made up within 10 years. The board must consult the general meeting before a special contribution. A buyer is liable for common expenses due at the time of purchase, so ask the syndicate for a statement; if it is not given within 15 days, the buyer is not bound to pay those arrears. Source: Civil Code of Québec, arts. 1068.1 to 1072.1, and Québec.ca.
Alberta
The reserve fund must be reasonably sufficient; there is no set percentage. A reserve fund study is due within 2 years of registration, and a new study and plan within 5 years of the last plan. The board can approve a special levy by resolution for urgent repairs, shortfalls or topping up the reserve, but a levy for a capital improvement needs a special resolution of owners first. Buyers can ask for an estoppel certificate (up to $200) and an information statement (up to $100) within 10 days. Source: Condominium Property Act, ss. 38 to 44.1.
What to check before you buy
- The reserve fund balance and the latest study or depreciation report: is the fund on track with the study’s plan?
- Special assessments already approved or being discussed, and the dates instalments are due.
- Major work planned in the next 10 years and its cost.
- Fee increases in the last three budgets, and whether the contribution meets the minimum.
- In Ontario and Alberta, who pays a levy approved before closing is set by your purchase agreement, so have it addressed in writing.
The condo documents guide explains the status certificate, Form B and their fee caps. Estimate what a planned project could cost you with the condo special assessment calculator.
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Official source
Condominium Authority of Ontario · What is a special assessment?
This guide explains general rules. Confirm your figures with your lender, lawyer, or the official source before you act.